Press Release
JCR-VIS assigns preliminary Fund Stability Rating of AA+(f) to PICIC Cash Fund
Karachi, December 7, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned preliminary Fund Stability Rating of ‘AA+(f)’ (Double A plus (f)) to PICIC Cash Fund (PICIC-CF).
PICIC-CF is an open-end money market fund proposed to be launched by PICIC Asset Management Company Limited with an objective to provide competitive returns to its investors through active investments in low risk portfolio of short duration while maintaining high liquidity. The fund aims to preserve capital while maximizing returns for investors.
The rating takes into account investment policy of the fund according to which the fund aims to invest in Market Treasury Bills; Term Deposits; Money Market Placements and Reverse Repos against government securities. All investments will be made in instruments/entities rated ‘AA’ and above with minimum of 65% of the funds to be deployed in instruments rated ‘AA+’ and above including minimum of 40% to be invested in government securities. Moreover, overall exposure against DFIs has also been curtailed at maximum of 25% of fund size. The rating will be finalized after successful launch of the fund and performance of the fund will be monitored thereafter against the stated benchmark, which is average of 3-Month deposit rates of ‘AA’ and above rated scheduled banks.
For further information on this rating announcement, please contact the undersigned (Ext: 408) or Mr. Zia Usmani (Ext: 507) at (+92-21) 35311861-70 or fax to (+92-21) 35311872-3.
Jamal Abbas Zaidi
Advisor